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Shanghai shares flat on inflation concerns
By Feng Jianmin |
June 11, 2010, Friday
|
Online Edition
Online Edition
SHANGHAI stocks closed flat in the morning session on growing inflation pressures.
The benchmark Shanghai Composite Index edged up 0.36 percent, or 9.28 points, to close at 2,571.86. Turnover expanded to 40.5 billion yuan (US$5.9 billion) from yesterday's 36.3 billion yuan.
The Shenzhen Composite Index, which covers the smaller mainland exchange, dipped 0.6 percent, or 0.66 points, to 1,068.54 points.
The Consumer Price Index, the main gauge of inflation, rose 3.1 percent in May, the country's top statistics bureau said today. It exceeded a government-set target of 3 percent for the whole year.
The Producer Price Index, the factory-gate gauge of inflation and a harbinger of future consumer prices, rose 7.1 percent from a year earlier in May.
New loans in May shrank to 630 billion yuan from April's 774 billion yuan, the central bank said today.
Most banks gained. Industrial and Commercial Bank of China added 1 percent to 4.18 yuan. Bank of China edged up 0.28 percent to 3.56 yuan. China Construction Bank was 0.42 percent higher at 4.79 yuan.
Commodity producers were among the winners on higher product prices indicated by PPI.
Coal miners led the gainers. Zhengzhou Coal Industry & Electric Power Co advanced 4.1 percent to 9.40 yuan. Datong Coal Industry Co rose 1.31 percent to 33.20 yuan.
The metal sector gained after prices rose for the third day in the London market. Jiangxi Copper Company was 1.92 percent higher to 28.53 yuan. Aluminum Corp of China went up 1.1 percent to 10.29 yuan.
The benchmark Shanghai Composite Index edged up 0.36 percent, or 9.28 points, to close at 2,571.86. Turnover expanded to 40.5 billion yuan (US$5.9 billion) from yesterday's 36.3 billion yuan.
The Shenzhen Composite Index, which covers the smaller mainland exchange, dipped 0.6 percent, or 0.66 points, to 1,068.54 points.
The Consumer Price Index, the main gauge of inflation, rose 3.1 percent in May, the country's top statistics bureau said today. It exceeded a government-set target of 3 percent for the whole year.
The Producer Price Index, the factory-gate gauge of inflation and a harbinger of future consumer prices, rose 7.1 percent from a year earlier in May.
New loans in May shrank to 630 billion yuan from April's 774 billion yuan, the central bank said today.
Most banks gained. Industrial and Commercial Bank of China added 1 percent to 4.18 yuan. Bank of China edged up 0.28 percent to 3.56 yuan. China Construction Bank was 0.42 percent higher at 4.79 yuan.
Commodity producers were among the winners on higher product prices indicated by PPI.
Coal miners led the gainers. Zhengzhou Coal Industry & Electric Power Co advanced 4.1 percent to 9.40 yuan. Datong Coal Industry Co rose 1.31 percent to 33.20 yuan.
The metal sector gained after prices rose for the third day in the London market. Jiangxi Copper Company was 1.92 percent higher to 28.53 yuan. Aluminum Corp of China went up 1.1 percent to 10.29 yuan.
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